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Updated over 4 years ago on . Most recent reply

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Toye Adeyemo
  • Chicago, IL
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Has anyone ever been surprised with unpaid seller taxes?

Toye Adeyemo
  • Chicago, IL
Posted

Has anyone ever been surprised with unpaid seller taxes in the closing disclosure?  How did you move forward in the deal?

Due to the current market we opted not to have the seller pay any closing cost so that was the initial deal but after seeing that they have a significant amount in unpaid taxes that they're essentially asking me to pay I am wondering if we should renegotiate the deal or just move forward(the numbers still work with the additional tax amount).

Anyone been in a similar situation or could share your thoughts on how to approach this new information?

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Steve Morris
  • Real Estate Broker
  • Portland, OR
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Steve Morris
  • Real Estate Broker
  • Portland, OR
Replied

"Has anyone ever been surprised with unpaid seller taxes in the closing disclosure? How did you move forward in the deal?"

99.99% of unpaid taxes should show up on the PTR?  Did you review the PTR?

Besides, the seller's responsibility to clear up taxes due while he owned it, so it comes out of seller proceeds.

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